While the job market may seem to be dismal, moderate September growth in the number of jobs available in the United States has actually surpassed analyst expectations.
Unemployment rates remain steady, but economists are encouraged by the unexpectedly high addition of jobs. While it may not be the thriving job market that some Americans are hoping for, the September jobs report suggests that another recession is not in the near future for the U.S.
Small and mid-sized companies contributed the most to the addition of 162,000 new jobs in the month of September. As more Americans begin to rely on starting their own business after giving up on an unsteady job market, successful small businesses are beginning to realize the need for additional employees. Approximately 90 percent of the jobs added in September could be attributed to small and mid-sized companies.
The Federal Reserve is helping to fuel recovery by purchasing mortgage-backed securities to encourage growth in the job market. Provided that inflation rates remain steady, the Federal Reserve has announced a plan to purchase $40 billion worth of such securities every month until the job market has steadied.
The manufacturing sector suffered a tough summer season, but fields that are related to services are continuing to grow. The services sector includes services related to a wide range of fields including financial services, entertainment, recreation and transportation.
Overall employment growth has decreased slightly, and weak performances in exports over the past few months have held growth back.
Analysts feel that the modest growth in jobs during September may indicate that the economy is on track to continue recovery. Moderate growth is expected for the remainder of the year.